Korean Cyworld cryptocurrency scandal, making another coin despite of problems

[shariarporosh]

Korean Cyworld cryptocurrency scandal, making another coin despite of problems going on?

Cyworld (싸이월드) is a Korean Facebook-like platform which had more than 40M users

Cyworld - Wikipedia

June 2020, Cyworld ended its service

March 2021, CyworldZ acquired Cyworld

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September 2020 Betalabs launched CyClub (CYCLUB)

January 2022, Betalabs launched CyDotori (DOTR)

https://coinmarketcap.com/currencies/cyclub/

Dec 2021, Betalabs CEO Ho Kwang Kim was a co-founder and co-CEO of CyworldZ but was dismissed

400 Bad Request

Currently, Betalabs and CyworldZ are still having a legal battle about Cyworld’s ownership

https://zdnet.co.kr/view/?no=20220328221937

Problems for investors though:

1. CyworldZ received around 129M CyClub (CYCLUB) tokens from Betalabs for Cyworld’s co-ownership and sold 1/3 (43M) of CYCLUB.

https://zdnet.co.kr/view/?no=20220328221937

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2. When CyClub (CYCLUB) price hit its peak, it went down dramatically. It is estimated that CyworldZ made $5.24M ~ $12.24M from selling 43M CYCLUB.

3. Nevertheless of the profit they made and the legal battle going on between CyworldZ and Betalabs, CyworldZ announced that they will make new Cyworld cryptocurrencies named Dotori (DTR) and CyCON (CYCON).

https://zdnet.co.kr/view/?no=20220328221937

4. CyCON is just a named changed crypto named CONUN that is listed in Bithumb exchange already.

Their whitepaper is https://conun.io/whitepaper

5. It is said that CyworldZ is selling Dotori (DTR) saying that it will be listed on MeXC exchange and Binance exchange. Recently, DTR listing was postponed in MeXC.

Security check

It is your freedom to trade but just be aware of these situations if they approach you for a pre-sale or something.